The Tax Cuts and Jobs Act, which President Trump signed into law on December 22, retains all core affordable housing and community development programs: the Low-Income Housing Tax Credit (Housing Credit); private activity bonds, including multifamily Housing Bonds; the New Markets Tax Credit (NMTC); and the historic rehabilitation tax credit. The bill also lowers the top corporate tax rate from 35 to 21 percent, effective January 1, 2018. Read more about the tax reform bill’s impact on affordable housing in Enterprise’s blog post.

Preserving these critical programs in tax reform is a major feat that was made possible by the tremendous grassroots advocacy of stakeholders across the country. Housing Credit advocates are now turning that momentum towards strengthening and expanding the Housing Credit and Housing Bonds. The upcoming omnibus spending bill is likely to be paired with other legislative priorities, including a tax package, which presents an opportunity to advance the Affordable Housing Credit Improvement Act, including the 50 percent cap increase in Housing Credit allocation authority in the Senate version of the bill. All advocates should reach out toco-sponsors of H.R. 1661andco-sponsors of S. 548urging them to convey their support for affordable housing to House and Senate leadership by asking that they include the Affordable Housing Credit Improvement Act in any omnibus and tax package. For more information about the Affordable Housing Credit Improvement Act, including talking points and advocacy resources, see the ACTION Campaign blog post and visit the ACTION Campaign Advocacy Toolkit.

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Published by Oklahoma Coalition for Affordable Housing

The vision of OCAH: That all Oklahomans have the opportunity to live in safe, healthy and affordable homes. Our Mission: To lead the movement to ensure that all residents of the state of Oklahoma flourish in safe, affordable homes and to help communities develop safe and affordable housing options for all of their residents. We reach our mission through advocacy, education and practical training to foster the production and maintenance of affordable housing throughout the state.
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